Wednesday, 15 July 2015

Prospect Capital Corporation - ?!

Right, most of this came to me in an email, some from the website - [No more emails, please! Enough already, man!] - but I'll try my best to make a bit of sense out of it. [Bear with me, reader(s).] PSEC, er ... yeah, Prospect Capital Corporation(?) ... is a business development company with a dividend yield of approximately 13 per cent. Interesting! And Pam remains at my disposal if I would like to interview Grier Eliasek. Who?! [No, you're all right, Pam, love. I'll get to the bottom of this by myself ...] There's so much to get through! We've got publicly traded NASDAQ investment company, and more than 130 middle market debt and private equity investments. $7 billion in assets and available credit!!! Experienced team. Oh yeah, big time! We're talking about one hundred professionals, not amateurs. 'This is all wonderful, boss. But where's the news?' The news, Voice? What fucking news? 'Christ! The lovely Pam must have sent you that email for a reason, yeah?' Er ... oh, you mean: Our investment objective is to generate both current income and long-term capital appreciation through debt and equity investments. We seek to maximize returns and protect risk for our investors by applying rigorous credit analysis to make and monitor our investments. That's from the website, er ... 'No! News! You remember news?!' I remember April. 'April?!' I'll be content you loved me once in April ... 'What are you going on about, Mikey? It's July now!' Okay, okay. / News! News! News! Ah, here is the news ... Prospect Capital Provides Additional $11.8 Million of First Lien Senior Secured Floating Rate Debt to System One - !!! 'Oh, thank God!'

Prospect Capital Corporation (NASDAQ: PSEC, "Prospect") announced today that Prospect provided System One Holdings, LLC ("System One"), a portfolio company of MidOcean Partners ("MidOcean") [In the middle of the goddamn ocean], with an incremental $11.8 million of first lien senior secured floating rate debt to support the acquisition of AECOM's quality programs business ("Quality Programs"). System One utilized a delayed draw term loan to which Prospect previously committed. Prospect now provides approximately $80 million of financing to System One as the sole term lender.


Can I have my lunch now? 'It's too early, boss. / What have you got, anyway?' Oh, the classic cheese and tomato sandwich from Morrisons. Only £1! I don't know how they do it.

'Anything else? Come on, man! Music! Politics!'

Music? Well, I wrote a nice melody on my guitar the other day. It might sound better on a piano though, with some chords.

Politics? It seems the Tories want to make strikes illegal. 'Ha!' Well, bring it on, demons, children of Satan!!! / When trade unionists start getting sent to prison maybe even the brainwashed sheep will start to think that something is not quite right in this green and pleasant land of ours ...